🗞️ More GOOD news for XRP

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SBF's trial is officially underway. The first few days will likely feel mundane as jury selection commences, but we're looking forward to delving deeper into the case in the coming weeks. There’s no pictures yet, but here’s a sketch.

In the meantime, XRP is greeted with more good news. After last week's SEC win, XRP has now received approval for a license in Singapore, leading to a 4% increase in price. Speaking of markets, while September may have seemed dull, it actually marked one of the strongest returns for Bitcoin in history.

Let's dive in 👇️

Markets

Inside the courtroom: SBF’s quiet first day in court (3 minute read)
As the trial of SBF, facing seven charges of fraud and conspiracy, commenced with jury selection, the atmosphere surrounding crypto's dubbed "trial of the century" seemed relatively subdued to the potential jurors. The proceedings followed a routine course, guided by District Judge Lewis A. Kaplan, who methodically narrowed down the pool of potential jurors using standard questioning, infusing occasional humor into the process. It remained uncertain whether the potential jurors fully grasped the case's gravity, as they were strictly advised against researching or discussing the details independently. Judge Kaplan provided a succinct outline of the case, disclosing SBF's allegations of defrauding FTX and Alameda Research clients and investors without delving into the extent of the fraud or the collapse of FTX.

XRP Rallies Amid Singapore License Approval, SEC Appeals Rejection (2 minute read)
XRP, the native token associated with the Ripple protocol, has experienced a 4% increase in value over the last 24 hours, currently trading at $0.528. Notably, Ripple disclosed on Wednesday that its Singapore-based subsidiary successfully obtained a comprehensive payments license from the Monetary Authority of Singapore (MAS), permitting Ripple Markets APAC to conduct regulated digital payment token services within the city-state. The company reaffirmed its commitment to prioritizing the Asia Pacific region for the implementation and adoption of its cryptocurrency-driven payment solutions.

Bitcoin Performance In September 2023 Was One Of The Strongest Since 2012 (3 minute read)
Throughout September, despite record high interest rates across the United States, Europe, and the U.K., Bitcoin demonstrated remarkable stability and recorded a 4.7% increase in value. This growth represents one of Bitcoin's most robust performances since 2012 and 2016, when it saw respective rises of 23.5% and 5.7%. Impressively, Bitcoin has surged by approximately 10% from its September lows. Analyzed by Kaiko, Bitcoin is deemed "firm" in this context, even as fund rates remain relatively high and risk-averse investors, including institutional players, are enticed by governments offering what the analytics platform labels a "risk-free" yield.

Tech

Solana co-founder Yakovenko: ‘Ethereum embodies bourgeois digital tyranny’ (1 minute read)
Anatoly Yakovenko, co-founder of Solana, has critiqued the Ethereum blockchain, labeling it a "digital carnival" associated with a bourgeois upheaval. According to Yakovenko, Ethereum (ETH) falls short of delivering genuine decentralization. Responding to a user, he stated that Ethereum's role in the economic landscape is more of a spectacle representing bourgeois upheaval rather than a herald of a true revolution. He metaphorically likened it to a theater where the petite bourgeoisie revel, asserting that while the appearance of oppression changes subtly, its fundamental nature remains unchanged, exerting its influence on the masses albeit in different forms.

DeFi Project Yield Protocol to Wind Down by Year's End (2 minute read)
Yield Protocol, a DeFi lending initiative, is slated to conclude its operations by the close of this year, citing insufficient demand and hurdles stemming from regulatory compliance. The project has announced that its December 2023 series will reach maturity on December 29, resulting in the cessation of all borrowing and lending activities within the protocol. The decision to wind down was driven by a realization that there's presently inadequate sustainable demand for fixed-rate borrowing on the Yield Protocol, coupled with the evolving regulatory landscape, especially in the U.S., Europe, and the U.K., making it increasingly challenging to sustain and comply with regulatory expectations.

Misc

Crypto-friendly Patrick McHenry takes interim House Speaker position (2 minute read)
Patrick McHenry, a crypto-friendly United States Representative, has assumed the role of interim House Speaker following the high-profile removal of U.S. House Speaker Kevin McCarthy. McCarthy's removal followed a 216–210 congressional vote, a historical event as it marked the first time a House Speaker has been ousted in U.S. history, as reported by Reuters. The House Speaker position is considered highly influential within the U.S. government, second only to the president and vice president. McHenry, recognized for releasing the "Digital Asset Market Structure Proposal" on June 1, aimed at enhancing clarity, regulatory coverage, and innovation in the cryptocurrency sphere, is now serving as the interim House Speaker. However, his tenure in this position might be brief, with an official vote for a new House Speaker scheduled for Oct. 11, according to Bloomberg. Reuters speculates potential replacements for McCarthy, including pro-crypto Representative Tom Emmer or even Donald Trump, though none have publicly expressed interest in the role.

Justice Department says China-based firms and employees used crypto to distribute drugs (3 minute read)
The U.S. Department of Justice has taken action against multiple China-based firms and their staff for manufacturing and circulating drugs, notably fentanyl, utilizing cryptocurrency to conceal both identities and financial transactions. The Department of the Treasury's Office of Foreign Assets Control had recently imposed sanctions on a member of Mexico's Sinaloa Cartel, citing the utilization of an Ethereum wallet to transfer funds associated with fentanyl smuggling into the United States.

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